First Citizens BancShares Inc. Class A (FCNCA) Cut to “Sell” at BidaskClub

BidaskClub cut shares of First Citizens BancShares Inc. Class A (NASDAQ:FCNCA) from a hold rating to a sell rating in a research report released on Wednesday.

First Citizens BancShares Inc. Class A opened at $434.64 on Wednesday, according to MarketBeat Ratings. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.84 and a current ratio of 0.84. The stock has a market capitalization of $5.26 billion, a price-to-earnings ratio of 13.75 and a beta of 1.10. First Citizens BancShares Inc. Class A has a twelve month low of $323.74 and a twelve month high of $463.44.

First Citizens BancShares Inc. Class A (NASDAQ:FCNCA) last released its earnings results on Wednesday, April 25th. The bank reported $8.35 earnings per share for the quarter. The firm had revenue of $437.55 million for the quarter. First Citizens BancShares Inc. Class A had a net margin of 21.22% and a return on equity of 11.53%.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Shareholders of record on Monday, June 18th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date is Friday, June 15th.

In other First Citizens BancShares Inc. Class A news, major shareholder Claire H. Bristow purchased 100 shares of the company’s stock in a transaction that occurred on Friday, June 8th. The shares were bought at an average cost of $385.00 per share, for a total transaction of $38,500.00. Following the purchase, the insider now owns 255,606 shares of the company’s stock, valued at approximately $98,408,310. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Olivia Britton Holding purchased 195 shares of the company’s stock in a transaction that occurred on Wednesday, May 30th. The shares were acquired at an average price of $390.00 per share, for a total transaction of $76,050.00. Following the completion of the purchase, the insider now directly owns 348,908 shares in the company, valued at approximately $136,074,120. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 1,506 shares of company stock worth $575,364. Corporate insiders own 19.20% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Captrust Financial Advisors purchased a new stake in shares of First Citizens BancShares Inc. Class A during the 4th quarter valued at approximately $185,000. Zeke Capital Advisors LLC purchased a new stake in First Citizens BancShares Inc. Class A in the 4th quarter worth approximately $211,000. Two Sigma Securities LLC purchased a new stake in First Citizens BancShares Inc. Class A in the 4th quarter worth approximately $223,000. First Republic Investment Management Inc. purchased a new stake in First Citizens BancShares Inc. Class A in the 1st quarter worth approximately $258,000. Finally, Xact Kapitalforvaltning AB purchased a new stake in First Citizens BancShares Inc. Class A in the 4th quarter worth approximately $276,000. Institutional investors own 44.84% of the company’s stock.

First Citizens BancShares Inc. Class A Company Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides banking services to retail and commercial customers. Its deposit products include checking, savings, money market and time deposit accounts. The company's loan products portfolio comprises commercial construction and land development, commercial mortgage, commercial and industrial, lease financing, and other commercial real estate loans; and noncommercial construction and land development, residential mortgage, revolving mortgage, consumer loans, and construction and land development loans.

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